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SEBI and Concept of Governance
Wednesday, 03 March 2021 The role of Independent Director (ID) as per SEBI seems to be that of a watchdog. The proposed changes has recommended changes to rules regarding eligibility criteria, appointment and removal, and the remuneration criteria. We will not discuss the arbitrary decisions of SEBI or the role that they themselves play in...Continue Reading
Remuneration for Independent Directors
Ministry of Corporate Affairs (MCA) issued a notification on 18th March 2021, for carving out remuneration to be paid to the non-executive or Independent Directors of companies which are either loss making or have inadequate profits. This notification amended the Schedule V of the Companies Act, 2013. The remuneration has now been linked to ‘effective...Continue Reading
“POSH ACT 2013”
Long bygone are the days when men used to be the sole bread-winners of a family. Globalization has brought a radical change in the status of women worldwide. However, with the larger influx of women in the mainstream workforce of India, sexual harassment at workplace has assumed greater dimensions. Workplace sexual harassment is a form...Continue Reading
OCI, Dual citizenship, Globalised world
The Ministry of Home Affairs, vide notification dated, 4th March 2021, defined the rights of the Overseas Citizen of India – cardholder (OCI). It has mandated that every OCI: Would require a special permission or special permit from a competent authority, or, Foreign Regional Registration Office (FRRO) or the Indian Mission concerned.This will be needed...Continue Reading
MSME
The Micro, Small & Medium Enterprises (MSMEs) are defined in India under the MSMED Act 2006 on the basis of capital investment made in plant and machinery, excluding investments in land and building. BASIS MICRO SMALL MEDIUM Manufacturing Sector Rs.2.5 Million Rs.2.5 Million to Rs.50 Million Rs.50 Million to Rs.100 Million Service Sector Rs.1.0 Million...Continue Reading
SEBI (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) (AMENDMENT) REGULATIONS, 2020
Background Securities and Exchange Board of India (“SEBI”) vide its notification dated 16th June, 2020 has issued the Substantial Acquisition of Shares and Takeovers (Amendment) Regulations, 2020 (“SAST”) under which promoters are provided with relaxation of holding more than 25% of the stake in listed companies upto 35% without triggering an open offer obligation. Key...Continue Reading
RELAXATION IN HOLDING BOARD MEETING THROUGH VIDEO CONFERENCING
AMENDMENT IN COMPANIES (MEETING OF BOARD AND ITS POWERS) RULES, 2014 Background Ministry of Corporate Affairs (“MCA”) vide its Circular dated 15th June, 2021 has issued Companies (Meeting of Board and its Powers) Amendment Rules, 2021 and has omitted Rule 4 of the Companies (Meeting of Board and its Powers) Rules, 2014 furthermore has provided...Continue Reading
Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020 Independent Directors to get registration on Databank
Background Ministry of Corporate Affairs (“MCA”) vide its notification dated 29th April, 2020 has issued the Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020 which extended the period for registration of Independent Directors in the Databank from “Five” (5) months to “seven” (7) months effective from 1st December, 2019 by applying online to...Continue Reading